GT's happy for 15% of the company in lieu of his approx. 38 mil....

GT's happy for 15% of the company in lieu of his approx. 38 mil. Meanwhile YA want 85% for their 35 mil. We end up with the remaining 5%.

SOLUTION

Lets give GT his 15% and then sell him another 15% for an additional 38 mil so we can pay YA's debt off,( 3 mil change) maybe give him an extra 5% for being a good bloke, come to think of it maybe not.........
Anyway we'll keep the rest, have a cap raising get the project back on track and treat the whole thing as a bad dream.


Hmmmmm.........

I'm now starting to understand how this came about.

YA gets approx 6 x GT's deal for a similar debt.

Didn't the project blowout in similar cost multiples.




Without prejudice of course.